Skip to content
Nonprofiteer
← COLORADO ENTERPRISE FUND INC

Form 990 for tax year 2023

Filed by COLORADO ENTERPRISE FUND INC.

Totals

Total revenue
$24,012,822
Total expenses
$13,173,847
Contributions and grants received
$17,688,634
Grants paid
$3,252,816
Program service revenue
$5,449,598
Investment income
$869,748
Other revenue
$4,842
Total assets, end of year
$78,725,779
Total liabilities, end of year
$33,521,585
Net assets or fund balances, end of year
$45,204,194
Program services expenses (Part IX)
$10,765,903
Management and general expenses
$2,169,537
Fundraising expenses
$238,407
Program service expenses (Part III)
$10,765,903

Program services were 81.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $10,087,107

  • 1f · All other contributions, gifts and grants

    $7,601,527

  • 2a · Program service revenue: NEW MARKET TAX CREDIT PROGRAM

    total $2,414,996 · related or exempt $2,414,996

  • 2b · Program service revenue: LOAN INTEREST

    total $2,414,156 · related or exempt $2,414,156

  • 2c · Program service revenue: LOAN ORIG/SVC FEES

    total $452,854 · related or exempt $452,854

  • 2d · Program service revenue: GRANT ADMIN. FEES

    total $167,592 · related or exempt $167,592

  • 3 · Investment income

    total $869,748 · excluded $869,748

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $4,842 · related or exempt $4,842

  • 11e · Other revenue, total

    $4,842

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,393,659 · program services $2,393,659

  • 2 · Grants to domestic individuals

    total $859,157 · program services $859,157

  • 5 · Compensation of officers, directors and key employees

    total $866,071 · program services $324,175 · management and general $398,076 · fundraising $143,820

  • 7 · Other salaries and wages

    total $3,083,321 · program services $2,217,620 · management and general $843,443 · fundraising $22,258

  • 8 · Pension plan contributions

    total $48,466 · program services $36,459 · management and general $11,537 · fundraising $470

  • 9 · Other employee benefits

    total $325,139 · program services $215,965 · management and general $98,128 · fundraising $11,046

  • 10 · Payroll taxes

    total $272,035 · program services $175,833 · management and general $85,026 · fundraising $11,176

  • 11b · Fees: legal

    total $77,343 · program services $24,320 · management and general $51,282 · fundraising $1,741

  • 11d · Fees: lobbying

    total $2,500 · management and general $2,500

  • 11g · Fees: other

    total $812,776 · program services $446,354 · management and general $354,401 · fundraising $12,021

  • 13 · Office expenses

    total $529,623 · program services $334,892 · management and general $176,092 · fundraising $18,639

  • 16 · Occupancy

    total $200,030 · program services $124,333 · management and general $67,851 · fundraising $7,846

  • 17 · Travel

    total $75,666 · program services $47,032 · management and general $25,666 · fundraising $2,968

  • 19 · Conferences, conventions and meetings

    total $27,436 · program services $17,053 · management and general $9,307 · fundraising $1,076

  • 20 · Interest

    total $502,986 · program services $502,986

  • 22 · Depreciation, depletion and amortization

    total $68,165 · program services $42,369 · management and general $23,122 · fundraising $2,674

  • 24a · Other expenses: REDUCTION IN LOAN LOSS

    total $1,821,356 · program services $1,821,356

  • 24b · Other expenses: NEW MARKET TAX CREDIT

    total $1,140,000 · program services $1,140,000

  • 24c · Other expenses: BANK CHARGES

    total $68,118 · program services $42,340 · management and general $23,106 · fundraising $2,672

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $17,250,832 · end of year $10,804,875

  • 2 · Savings and temporary cash investments

    beginning of year $19,622,934 · end of year $30,162,351

  • 3 · Pledges and grants receivable

    beginning of year $1,988,400 · end of year $2,287,950

  • 4 · Accounts receivable

    beginning of year $160,023 · end of year $243,374

  • 7 · Other notes and loans receivable

    beginning of year $30,393,232 · end of year $34,629,507

  • 9 · Prepaid expenses and deferred charges

    beginning of year $55,817 · end of year $96,211

  • 10a · Land, buildings and equipment: cost or other basis

    $438,150

  • 10b · Land, buildings and equipment: accumulated depreciation

    $281,721

  • 10c · Land, buildings and equipment, net

    beginning of year $164,997 · end of year $156,429

  • 15 · Other assets

    beginning of year $478,662 · end of year $345,082

  • 17 · Accounts payable and accrued expenses

    beginning of year $657,327 · end of year $612,370

  • 23 · Secured mortgages and notes payable

    beginning of year $5,537,665 · end of year $4,443,469

  • 24 · Unsecured notes and loans payable

    beginning of year $18,856,607 · end of year $18,661,859

  • 25 · Other liabilities

    beginning of year $10,698,079 · end of year $9,803,887

  • 27 · Net assets without donor restrictions

    beginning of year $30,436,814 · end of year $44,991,260

  • 28 · Net assets with donor restrictions

    beginning of year $3,928,405 · end of year $212,934

Mission and programs · 2023

Mission

TO ACCELERATE COMMUNITY PROSPERITY BY FINANCING AND SUPPORTING ENTREPRENEURS AND SMALL BUSINESSES.

  • SMALL BUSINESS LENDING - CEF AGGREGATES AND LEVERAGES CAPITAL TO SPUR INVESTMENT AND BUILD CAPACITY FOR THOSE WHO LACK ACCESS TO CONVENTIONAL FINANCING AND ENTREPRENEURIAL NETWORKS, SPECIFICALLY TARGETING UNDERSERVED SMALL BUSINESS OWNERS. CEF PROVIDES FINANCING OPTIONS WHEN BANKS CANNOT LEND OR CANNOT LEND ENOUGH, SPECIALIZING IN LOANS UP TO 1,000,000 FOR NEW AND EXISTING SMALL BUSINESSES AND COMMUNITY ENTERPRISES THROUGHOUT COLORADO. CEF CATALYZES BUSINESS OWNERSHIP AND JOB CREATION BY OFFERING FLEXIBLE FINANCING PRODUCTS, PERSONALIZED CLIENT SUPPORT, ONE-ON-ONE BUSINESS COACHING, AND ACCESS TO ADDITIONAL RESOURCES FOR ENTREPRENEURS.

    Expenses $7,513,087 · Revenue $5,449,598

  • DURING 2024 AND 2023, CEF ENTERED INTO AGREEMENTS WITH GOVERNMENTAL ENTITIES TO ADMINISTER GRANT PROGRAMS FOR SMALL BUSINESSES AFFECTED BY ECONOMIC HARDSHIP CAUSED BY THE COVID-19 PANDEMIC, FUNDED BY THE STATE OF COLORADO, THE CARES ACT, AND THE AMERICAN RESCUE PLAN ACT (ARPA). BECAUSE OF CEF'S INVOLVEMENT IN GRANT MAKING ACTIVITIES FOR THESE PROGRAMS, GRANT REVENUE AND GRANT EXPENSES ARE REPORTED IN THE STATEMENTS OF ACTIVITIES.

    Expenses $3,252,816 · Grants $3,252,816

As filed on the 2023 return.

Listed in Part VII

  • Cecilia Prinster

    PRESIDENT AN

    Total calculated
    $388,820
    From this org
    $376,073
    From related orgs
    $0
    Other
    $12,747
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $300,532
    Bonus
    $75,541
    Other
    not reported
    Deferred
    $10,522
    Nontaxable benefits
    $2,225
    Filer's total
    $388,820

  • Nim Patel

    COO

    Total calculated
    $284,612
    From this org
    $275,244
    From related orgs
    $0
    Other
    $9,368
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,703
    Bonus
    $25,541
    Other
    not reported
    Deferred
    $8,261
    Nontaxable benefits
    $1,107
    Filer's total
    $284,612

  • Luke Anderson

    CFO

    Total calculated
    $21,264
    From this org
    $20,137
    From related orgs
    $0
    Other
    $1,127
    Hours/week
    40

  • Dave Mesko

    CFO THRU 5/2

    Total calculated
    $96,307
    From this org
    $92,236
    From related orgs
    $0
    Other
    $4,071
    Hours/week
    40

  • Lewis Hagler

    DIR BUSINESS

    Total calculated
    $147,887
    From this org
    $133,829
    From related orgs
    $0
    Other
    $14,058
    Hours/week
    40

  • Jaione Axpe

    DIR OF BUS O

    Total calculated
    $135,159
    From this org
    $118,209
    From related orgs
    $0
    Other
    $16,950
    Hours/week
    40

  • Alan Ramirez

    DIR OF STRAT

    Total calculated
    $135,105
    From this org
    $114,556
    From related orgs
    $0
    Other
    $20,549
    Hours/week
    40

  • Dawn Akers

    DIR OF DATA

    Total calculated
    $125,978
    From this org
    $114,342
    From related orgs
    $0
    Other
    $11,636
    Hours/week
    40

  • Kelly Green

    DIR OF MARKT

    Total calculated
    $112,713
    From this org
    $108,741
    From related orgs
    $0
    Other
    $3,972
    Hours/week
    40

  • Paul Bunyard

    CHAIR & TREA

    Total calculated
    $0
    Hours/week
    2

  • Brian Peagler

    V CHAIR & AS

    Total calculated
    $0
    Hours/week
    2

  • Andrew Rubin

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Izzy Abbass

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Mizraim Cordero

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Simone Ross

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Kyle Frazer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Sean Koutsakis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Liddy Romero

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Nick Anderson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Laura Blomquist-Rodriguez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Melissa Buck

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

SCHEDULE J, PART III
PART I, LINE 3 - THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS ANNUALLY PERFORMS A COMPENSATION REVIEW FOR THE CEO AND APPROVES THE CEO'S TOTAL COMPENSATION (SALARY, BONUS, AND BENEFITS). THE REVIEW IS INFORMED BY INDUSTRY COMPENSATION SURVEY DATA.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • CEF SUB-CDE 1 LLC

    RELATED · NMTC · CO · 0.01% owned · share of income $60,000 · share of assets $1,357 · general or managing partner

    Directly controlled by CEF

  • CEF SUB-CDE 2 LLC

    RELATED · INVESTMENT · CO · 0.01% owned · share of income $69,643 · share of assets $1,280 · general or managing partner

    Directly controlled by CEF

  • CEF SUB-CDE 3 LLC

    RELATED · INVESTMENT · CO · 0.01% owned · share of income $38,414 · share of assets $887 · general or managing partner

    Directly controlled by CEF

  • CEF SUB-CDE 4 LLC

    RELATED · INVESTMENT · CO · 0.01% owned · share of income $38,571 · share of assets $888 · general or managing partner

    Directly controlled by CEF

  • CEF SUB-CDE 5 LLC

    RELATED · NMTC · CO · 0.01% owned · share of income $128,571 · share of assets $2,969 · general or managing partner

    Directly controlled by CEF

  • CEF SUB-CDE 6 LLC

    RELATED · NMTC · CO · 0.01% owned · share of income $38,571 · share of assets $891 · general or managing partner

    Directly controlled by CEF

  • CEF SUB-CDE 7 LLC

    RELATED · NMTC · CO · 0.01% owned · share of income $17,143 · share of assets $596 · general or managing partner

    Directly controlled by CEF

  • CEF SUB-CDE 8 LLC

    RELATED · NMTC · CO · 0.01% owned · share of income $16,571 · share of assets $597 · general or managing partner

    Directly controlled by CEF

  • CEF SUB-CDE 9 LLC

    RELATED · NMTC · CO · 0.01% owned · share of income $32,667 · share of assets $1,394 · general or managing partner

    Directly controlled by CEF

  • CEF SUB-CDE 10 LLC

    RELATED · NMTC · CO · 0.01% owned · share of assets $950 · general or managing partner

    Directly controlled by CEF

  • CEF SUB-CDE 11 LLC

    RELATED · NMTC · CO · 0.01% owned · share of income $16,429 · share of assets $1,197 · general or managing partner

    Directly controlled by CEF

  • CEF SUB-CDE 12 LLC

    RELATED · NMTC · CO · 0.01% owned · general or managing partner

    Directly controlled by CEF

Provenance

Return type
form_990
Tax year
2023
Filed
31 July 2025
IRS schema version
2023v6.0
Source object
202532139349301018

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.